Yuga Labs sold a total of 4000 ETH, or more than $6 million, in its Sewer Pass NFT sale on Wednesday last week.
Yuga Labs Sewer Pass NFTs
Yuga Labs’ Sewer Pass NFTs is a collection for the Bored Ape Yacht Club ecosystem. The purpose of the collection is to provide access to the skill-based NFT game Dookey Dash.
Sewer Pass NFT holders will be able to access the game for free. Bored Ape Yacht Club and Mutant Ape Yacht Club NFT owners also received the Sewer Pass NFT collection for free.
Sewer Pass NFTs are divided into four different tiers based on how many Bored Ape Yacht Club, Mutant Ape Yacht Club, or Bored Ape Yacht Club NFTs the user has in their wallet. Tier 1 NFTs have a base price of 1.3 ETH, while Tier 4 NFTs are listed on the OpenSea NFT marketplace up to 420 ETH.
Sewer Pass NFT Terms of Purchase
The purchase terms coded into the smart contracts of Sewer Pass NFTs mobilized many users. Because in the Sewer Pass NFT condition, secondary markets such as LookRare, NFTX, and Blur were blocked.
The reason behind this is the royalties that Yuga Labs advocates for NFT artists. Previously, LookRare had blocked the royalties received by NFT artists. As a result, many NFT artists reacted to the cut in their royalty profits.
Quote from Co-founder
Yuga Labs’ idea of protecting the copyrights of NFT artists is the biggest reason behind the blocking of such platforms. Wylie Aronow, the co-founder of Yuga Labs, said;
“We’ve always been a creative-first company, and we believe that creator royalties must be protected. The Sewer Pass free claim will only be traded on platforms respecting creator royalties. Coding something like this into your NFT smart contract will make it so that creators can make sure they collect their royalties.”